"The fact that the city had to scale back the latest bond issue because of the weakened demand indicates a particular investor animus to what Mamdani is doing, according to well-placed investors."
"I've had clients that are selling them and others who don't want to own them. That's unusual because taxes might be going up. I don't think they're going to default, but it's been difficult to sell."
New York City's recent bond sale of $2.3 billion fell short of its $2.6 billion target, reflecting weakened investor demand. Mayor Zohran Mamdani's policies have led to a lack of trust among investors, causing some to sell their municipal debt holdings. Historically, NYC bonds have been oversubscribed due to tax benefits and protections from the Financial Emergency Act of 1975. The current situation indicates a shift in investor sentiment, with concerns about potential tax increases and the city's fiscal management under Mamdani.
Read at New York Post
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